AL GOLDIS
Electrical power services provider CVTech Group Inc. reports a fourth-quarter profit of $3-million reversing a year-ago loss as the company generated higher revenues.
The Quebec-based company said Monday it earned 4 cents a share for the three months ended Dec. 31, compared with a small loss or $25,000 or nil per share in the same quarter of 2009.
Consolidated revenue for the fourth quarter rose 13.7 per cent to $69.7-million from $61.3-million.
For the full year, net earnings more than tripled to $9.4-million from $3.1-million. Annual revenue was $259.9-million, up $100.2-million or 62.8 per cent from $159.7-million in 2009.
CVTech had strong financial results "despite an economic backdrop that remained relatively difficult," Andre Laramee, president and CEO of the company.
"In addition to an increased penetration of our markets, these results attest to the constant efforts of all members of the organization to optimize operating efficiency."
CVTech is a management company whose main subsidiary provide services to the electric power industry for the maintenance of transmission and distribution lines, primarily in Quebec and the eastern United States.
Another unit specializes in control of vegetation surrounding power lines and in clearing rights of way.